The NClT on Tuesday approved the resolution plan submitted by Vedanta ltd for Electrosteel Steels, making it first among the 12 large stressed accounts identified by RBI last year to get resolved under the Insolvency and Bankruptcy Code.
The National Company law Tribunal (NClT) in an order said the “resolution plan of corporate debtor Electrosteel Steels ltd which is approved by the CoC with a voting share of 100 per cent under section 31 (1) of the Insolvency & Bankruptcy Code 2016” has been approved.